Enbridge Commences Open Season for Canada's Express Pipeline

Enbridge Inc. ENB announced an open season for the Canada-based Express Pipeline Limited Partnership pipeline. The open season is for the shippers willing to carry oil through the to-be-expanded and the existing pipeline.

For the capacity of the existing pipeline, the company has decided to commence open season from Jul 3 to Aug 7, 2019. Moreover, for the pipeline expansion, the open season will last through Aug 23, 2019.

Overall, the shippers will be able to carry oil from Hardisty, Alberta, to Express Pipeline LLC pipeline, which operates the portion of the Express Pipeline in the United States. Per the company, the shipper will appreciate this open season since the pipeline bottleneck problem prevents transportation of sufficient oil from the Western Canadian Sedimentary Basin.

Headquartered in Calgary, Canada, Enbridge is a leading midstream energy player in North America. The company has a huge network of pipeline systems that transport oil, natural gas and liquids. Importantly, the company employs it’s Mainline and Express Pipeline to export roughly 2.9 million barrels of oil being produced in Canada to the United States every day. This reflects that almost 62% of Canadian oil is carried through the Mainline and Express Pipeline to America.

Presently, Enbridge carries a a Zacks Rank #2 (Buy). Other prospective players in the energy space include Enterprise Products Partners L.P. EPD, Helix Energy Solutions Group, Inc. HLX and Approach Resources Inc. AREX. All the stocks sport a Zacks Rank #1 (Strong Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.        

Enterprise Products beats the Zacks Consensus Estimate for earnings in the last four quarters.

Helix Energy is likely to see earnings growth of 47.4% through 2019.

Approach has surpassed the Zacks Consensus Estimate for earnings in three of the last four quarters.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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